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There is that little house on Walter (Huning Highland - EDO) that might still be for sale... it has a MASSIVE lot. I think it was listed somewhere near $125k
I can't speak for the whole of Barelas. I don't think they want gentrification in the first place, and that's ok. However, it's alive and well in Downtown and the border regions between Downtown and Barelas. I see prices trending upward, quickly...
Yeah, I wouldn't have gotten into the "investment" aspect at all but it was part of
the original post. We've done well with personal property, more by luck than design,
but while I don't think a responsibly purchased home is a bad investment, I just
can't see most of them being a really great investment, either, for a number of
years to come, especially in the new or newish homes that their realtor prefers.
When I lived here in 71-72, I lived off of Isleta Blvd south of Bridge St so I have
a certain degree of "then and now" impressions about Barelas and that end of the
city and while I'm not putting it down in any way, from where I sit, I just don't
see any great "investment" potential in their stated price range.
The potential to find a "fixer-upper" that would get them into a decent home for
an affordable price? Sure, I'd think that's a real possibility, but they'll be in the lower
third of the market and generally that's not where you see any significant profits.
If they like the neighborhood, then buying a home might be the best way to ensure
that they can stay there as long as they want without worrying about loosing
a rental that they might not be able to replicate. But it will be a drain on their
time and resources..
If they like the neighborhood, then buying a home might be the best way to ensure
that they can stay there as long as they want without worrying about loosing
a rental that they might not be able to replicate. But it will be a drain on their
time and resources..
If they like the neighborhood, then buying a home might be the best way to ensure
that they can stay there as long as they want without worrying about loosing
a rental that they might not be able to replicate
As a matter a fact, that's part of the problem. We ARE losing our rental, landlord recently listed it. With three dogs, it's hard to find a rental in the area that will:
A) accept you
B) has the room
C) has a fenced yard
I'm not looking to turn this into a "flip" and make a major profit, I mean sure coming out on the other end with some profit would be NICE, but mostly I've notice I can buy a house for LESS than I rent now. And, yes, I am talking PITI less not just "mortgage" less.
[SIZE=3] [/SIZE]
[SIZE=3] [/SIZE][SIZE=3]Rybert, to answer your questions about the shacks…mostly just my own observation walking by they seemed a little crumbly. But I’m certainly no expert (obviously) The listing says they are frame? [/SIZE][SIZE=3]http://www.remax.com/property/77395273-60050225/518-9th-St-SW-Albuquerque-NM-87102/[/SIZE]
[SIZE=3] [/SIZE]
[SIZE=3]I’m starting to wonder about my agent, part of this equation is the FHA loan I’ll be using (as she told me) won’t pay for real “fixer-uppers”. Does anyone have any idea if that is true? A lot of the properties I had looked up previous to meeting her were listed under 100 and she disqualified them as even being worth looking at for that reason.[/SIZE]
oops sorry about all those errors, apparently copy paste from Word doesn't work too well. Make this a little easier to read.
Rybert, to answer you questions about the shacks, mostly just my own observation while walking by. They seemed a little crumbl, but I'm certainly no expert (obviously as I've never owned a home). The listing says there are frame? RE/MAX PREMIERE REALTORS Has New Mexico Homes Listed Online
I'm starting to worry a little more about my agent. Part of this whole equation is the FHA loan I'll be using (as she told me) won't pay for real "fixer-uppers". Does anyone have any knowledge of these loans and how true that is? Am I being steered towards something more expensive when I don't have to be? A lot of the properties I had looked up previous to talking to her were listed under 100, but she disqualified them as even being worth looking at for that reason.
[SIZE=2]Want a fixer-upper?
FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs - all in one loan. [/SIZE]
I am not a loan expert or anything, so no idea, but I think your agent is full of it. I would deal with the bank about getting pre-approved for everything and have the agent find the house that meets your criteria in terms of price/location.
I think the only thing you have to worry about would be the appraisal. If you buy a house for 90K with say 10% down (81K loan), but the appraisal comes in at 80K, they won't approve the loan. That said I have never heard of anyone getting an appraisal on a house that is less than the purchase price, but I am sure it happens and possibly more now that the bubble has burst.
Agents want you to live in the area they think is best for you, without knowing you (if they do know you I think it is even worse because they want you to have the best house in the best area). From my experience, they are always trying to talk you into looking into a house that costs just a bit more than you want, or in this area that is so much better than what you want. Part of it I think is conscious, they all have preferences with the best areas and best prices and part of it is subconscious, the quicker the sale the sooner they get paid with less work, the more you pay for the house the more they get... Actually I am not which is the conscious/subconscious part...
Listen to their advice, use their expertise, explore your options, don't ever let them talk you into something and I personally, would double check everything they say.
Last edited by ralthor; 04-07-2010 at 01:07 PM..
Reason: tyop
A realtor is just like any other salesperson, they want to charm or beguile you into spending more than you want to. There seems to be a correlation between "volume selling" and big hair. Even if it's a "buyer's agent", obviously they're still motivated to sell at the highest price so they make a higher commission.
Stick to your guns (or shotgun shacks, as the case may be). Make it clear you're in charge, the realtor works for you, not the other way around (I don't mean use those words, exactly). If you can't seem to get through to her then find another one. But it can take visiting many different homes and hearing your opinion of each one for the realtor to truly understand your tastes. It's important for you also to rule out lots of other options to help clarify your own likes and dislikes for yourself.
Once you make an offer that's accepted, insist on going along for the home inspection. Follow the inspector onto the roof, under the house, everywhere s/he goes. You'll want to ask lots of questions, especially with older homes. If the home was "pre-inspected" you can still order a new one if the inspection leaves a lot of your questions unanswered.
That might be your experience, but it's a generalization.
A realto who wants to pursue the profession for some decades
will want what's best for the buyer - even a lower price.
Some realtors, don't know anything about historic neighborhoods.
Quote:
Originally Posted by aries63
Once you make an offer that's accepted, insist on going along for
the home inspection. Follow the inspector onto the roof, ...
I wasn't allowed to.
The inspector was open and helpful and showed me everything
on the ground, however. I assume I wouldn't have been allowed
under had there been an "under."
Follow around is good advice though, but it sounds like the OP
knows what they are doing.
One concern that you may want to keep in mind is that many older, less expensive
homes probably "grew" or were maintained without benefit of proper inspections
or very much concern about "code". That doesn't mean that they are necessarily
physically inadequate, but they may not have the proper paper trails to satisfy
some mortgage companies.
Do as much homework as possible BEFORE you make an offer. If you're really serious,
I think you should be able to work something out. Also just keep an eye out for
signs on fences, etc. I'd be surprised if everything in that area is being offered
through the MLS system. Take the dogs for walks where you think the best prospects
are and don't hesitate to talk to people.
Take the dogs for walks where you think the best
prospects are and don't hesitate to talk to people.
Mike is wise beyond his years
( and he has a few ... )
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